Cango Inc has announced the completion of a $65 million strategic investment and a $10 million convertible bond financing agreement with DL Holdings Group Limited to bolster its financial position. The strategic investment was finalized on March 31, with Chairman Xin Jin and Director Chang-Wei Chiu subscribing to 49,242,424 Class A ordinary shares, settled in USDT. The convertible bond deal includes the issuance of $10 million in principal amount and warrants to purchase up to 370,370 Class A ordinary shares at an initial conversion price of $1.62, maturing on April 1, 2028. The funds will be used for potential upstream acquisitions and expansion of AI and computing infrastructure. Additionally, both parties signed a memorandum of understanding (MOU) for a potential strategic investment collaboration of up to $10 million, with specific terms yet to be defined.
Cango Inc Secures $65 Million Investment and $10 Million Convertible Bond Deal
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